Cytokinetics (CYTK) Cut to “Buy” at BidaskClub

BidaskClub downgraded shares of Cytokinetics (NASDAQ:CYTK) from a strong-buy rating to a buy rating in a research report report published on Tuesday morning.

Several other research analysts also recently issued reports on the stock. HC Wainwright dropped their target price on shares of Cytokinetics from $24.00 to $21.00 and set a buy rating on the stock in a research note on Friday, October 5th. They noted that the move was a valuation call. Morgan Stanley set a $10.00 target price on shares of Cytokinetics and gave the stock a hold rating in a research note on Friday, October 5th. ValuEngine upgraded shares of Cytokinetics from a hold rating to a buy rating in a research note on Wednesday, October 3rd. Zacks Investment Research downgraded shares of Cytokinetics from a hold rating to a sell rating in a research note on Wednesday, October 3rd. Finally, Cantor Fitzgerald reiterated a buy rating and issued a $14.00 target price on shares of Cytokinetics in a research note on Wednesday, October 3rd. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $13.00.

Shares of NASDAQ CYTK opened at $7.61 on Tuesday. The company has a market capitalization of $538.09 million, a PE ratio of -2.94 and a beta of 1.41. Cytokinetics has a 52-week low of $6.20 and a 52-week high of $15.85. The company has a debt-to-equity ratio of 0.41, a quick ratio of 8.95 and a current ratio of 8.95.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Thursday, July 26th. The biopharmaceutical company reported ($0.51) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.51). The firm had revenue of $6.22 million during the quarter, compared to the consensus estimate of $5.54 million. On average, research analysts anticipate that Cytokinetics will post -2.03 earnings per share for the current year.

In related news, CEO Robert I. Blum sold 4,000 shares of the stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $7.94, for a total transaction of $31,760.00. Following the transaction, the chief executive officer now owns 164,022 shares in the company, valued at $1,302,334.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have sold 16,500 shares of company stock worth $129,505. 5.10% of the stock is owned by insiders.

A number of institutional investors have recently modified their holdings of CYTK. BlackRock Inc. lifted its position in Cytokinetics by 9.5% during the second quarter. BlackRock Inc. now owns 7,943,794 shares of the biopharmaceutical company’s stock valued at $65,934,000 after purchasing an additional 686,537 shares during the period. Millennium Management LLC lifted its position in Cytokinetics by 351.9% during the second quarter. Millennium Management LLC now owns 461,733 shares of the biopharmaceutical company’s stock valued at $3,832,000 after purchasing an additional 359,561 shares during the period. Northern Trust Corp lifted its position in Cytokinetics by 16.7% during the second quarter. Northern Trust Corp now owns 498,546 shares of the biopharmaceutical company’s stock valued at $4,138,000 after purchasing an additional 71,418 shares during the period. DAFNA Capital Management LLC bought a new position in Cytokinetics during the second quarter valued at approximately $576,000. Finally, Wasatch Advisors Inc. lifted its position in Cytokinetics by 3.9% during the second quarter. Wasatch Advisors Inc. now owns 1,830,049 shares of the biopharmaceutical company’s stock valued at $15,189,000 after purchasing an additional 68,167 shares during the period. Institutional investors own 68.45% of the company’s stock.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.

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Analyst Recommendations for Cytokinetics (NASDAQ:CYTK)

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